Venezuelan president hikes minimum wage by 50 per cent, 5th raise in a year

Venezuela‘s socialist President Nicolas Maduro announced on Sunday a 50 percent hike in the minimum wage and pensions, the fifth increase over the last year, to help shield workers from the world’s highest inflation rate.

The measure puts the minimum monthly salary at 40,683 bolivars – about $60 at the weakest exchange level under the state’s currency controls, or $12 at the black market rate.